ISS and Glass Lewis side with Casey Capital In Essex Rental battle
Casey Capital owns 5.9% of Essex Rental and it now has the backing of Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co., both recommending that stockholders of Essex vote for Casey Capital.
ISS said that Casey Capital made a compelling case for change in the composition of the Essex board. ISS cited Essex's underperformance relative to peers. ISS specifically highlighted concerns with the corporate governance policies of the incumbent Essex Board, including the related party transactions that benefit Laurence Levy, Essex's Chairman of the Board of Directors.
Glass Lewis's analysis concluded that all Essex stockholders would benefit from corporate governance changes at Essex. Glass Lewis recognized that Essex's management and Board of Directors have failed to offer any rebuttal to Casey Capital's data demonstrating the Company's track record of poor performance or provide any meaningful comparison of the Company's performance to that of its peers.